AUSTRALIA: Foster's re-states net profits
Foster's has restated its net profit as it adopts the Australian equivalents to International Financial Reporting Standards (AIFRS) commencing 1 July 2005.
Restated net profit under AIFRS for the half year ended 31 December 2004 is A$26m higher than the A$757m the group previously reported under Australian GAAP (AGAAP). This increase is due mainly to the elimination of goodwill amortisation under AIFRS;
Foster's also estimated a A$1.2 billion reduction to net assets on transition to AIFRS at 1 July 2004. This reduction is due mainly to de-recognition of internally generated intangible assets (brand names and mailing lists) and deferred tax adjustments.
Foster's added that having its recently acquired Southcorp business had previously identified three key areas of AIFRS impact (tax, share-based payments and financial instruments) but these will not impact Foster's 1 July 2004 transitional adjustments or F05 half year AIFRS results.
A revised assessment by Southcorp's independent expert has valued the company's shares closer to the bid value offered by Foster's Group....
Australian liquor giant Foster's bid for winemaker Southcorp is gathering momentum....
As one takeover story trundles on, another one has just moved up a gear....
The chief executive of Foster's believes the global premium wine industry is on the upturn....
Foster's Group Ltd is expected to announce that it is lifting its offer for fellow Australian Southcorp, transforming three months of corporate hostility into a friendly takeover....
Shares in Southcorp and Foster's have been halted from trading, pending an announcement....
Southcorp's share price has dropped below the offer price made by Foster's for the first time today (18 April)....
Foster's Group is considering upping its bid for Southcorp prior to extending its offer once again....
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